Office & Retail Portfolio - Champaign, IL
Listing was updated at: 04/11/2019
Property Overview
Price/Rent PSF Inquire
Asset Type Office
Trade Type Sale
SQ. FT. Available 220,207
Date Available 04/11/2019
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Bldg 1: 1802 Fox Drive Office Building - 7,800 SF
Bldg 2: 1806 Fox Drive Office Building - 20,000 SF
Bldg 3: 1906 Fox Drive Office Building - 25,000 SF
Bldg 4: 2001 Fox Drive* Office Building - 20,000 SF
Bldg 5: 2004 Fox Drive Office Building - 25,100 SF
Bldg 6: 201 Knollwood Office Building - 9,640 SF
Bldg 7: 2107 South Neil Street Office Building - 20,000 SF
Bldg 8: 2110 Fox Drive Office Building - 34,150 SF
Bldg 9: 2302 Fox Drive Office Building - 20,000 SF
Bldg 10: Shoppes of Knollwood I Retail Building - 19,297 SF
Bldg 11: Shoppes of Knollwood II Retail Building - 19,220 SF
*Note: The 2001 Fox Drive building is part of the sale, but not part of the collateral for the in place CMBS financing.

This offering represents an excellent opportunity to acquire a stabilized eleven building office & retail portfolio in Champaign, IL, a growing city home to the University of Illinois and known as one of the leading hubs for computer and technological innovation in the Midwest. The portfolio contains 220,207 square feet of rentable building area and is 70% occupied.

The office portion of the Portfolio includes nine buildings, both multi-tenant and single tenant assets, totaling 181,690 square feet. The retail portion of this Portfolio includes the two-building Shoppes at Knollwood, an upscale retail center featuring shops, restaurants and service locations totaling 38,517 square feet.

The Properties are recognized within Champaign as one of the premier locations for businesses due to their access to all spectrums of the labor pool, Class A quality construction, unsurpassed area amenities, and close access to all the research and innovation that continues to develop around the University of Illinois.

The Portfolio is being offered with attractive CMBS assumable in-place financing on 10 of the 11 buildings, current balance is approximately $19,000,000, fixed interest at 4.35%, amortized over 30 years, and maturity in March 2025. The 2017 Net Income was $2,126,248 with the ability to grow NOI to an excess of $3 million. The attractive in-place financing allows for a healthy leveraged IRR and double-digit leveraged cash-on-cash returns. An investor has significant upside in the ability to increase net operating income through the lease-up of existing vacancy. The high level of tenant retention will also drive increases in the renewal rental rate structure, portfolio income and cash flow levels. Additionally, operational efficiencies and potential cost savings may be realized, thus boosting NOI even further. The building located at 2001 Fox Drive is offered free and clear of financing.

High level of tenant retention
Largest concentration of Class A office space in central Illinois
Value-add opportunity
Unmatched location and amenity base